## Oil Prices: What to Expect in 2023 The price of oil is a major factor in the global economy, and it is expected to continue to be volatile in 2023. There are a number of factors that will affect oil prices, including the global economic recovery, the OPEC+ production cuts, and the geopolitical situation. ### Global economic recovery The global economy is expected to continue to recover in 2023, which will lead to increased demand for oil. This will put upward pressure on oil prices. However, the pace of the recovery could be slower than expected, which could limit the rise in oil prices. ### OPEC+ production cuts OPEC+ is a group of oil-producing countries that have agreed to cut production in order to support oil prices. These cuts have been effective in raising oil prices, but they could be reversed if the global economy slows down. ### Geopolitical situation The geopolitical situation in the world is also a major factor that could affect oil prices. For example, if there is a conflict in the Middle East, oil prices could rise sharply. ### Forecast The consensus among oil analysts is that oil prices will continue to be volatile in 2023. However, there is a wide range of forecasts, with some analysts predicting that oil prices could rise to $100 per barrel, while others believe that they could fall to $50 per barrel. The most likely scenario is that oil prices will trade in a range between $70 and $90 per barrel in 2023. This would be a significant increase from the current price of around $60 per barrel, but it would still be below the peak of $100 per barrel that was reached in 2014.
